After climbing by 9% in May, the Nasdaq-100 continued to ascend in June, gaining 6.3%.
But not all stocks in the index notched wins last month. Of the Nasdaq-100 stocks that sank lower, AppLovin (APP 2.85%), which provides a platform that allows mobile app developers to monetize and enhance their apps through targeted advertising, and athletic apparel designer Lululemon Athletica (LULU -1.79%) were at the bottom, plunging by 10.9% and 25%, respectively.
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Why investors lost their love for AppLovin and Lululemon
While AppLovin stock raced higher in May, a variety of factors led many investors to reconsider their positions last month. For one, investors had hoped that the index committee at S&P Dow Jones Indices would add AppLovin to the S&P 500 during its quarterly rebalancing of the index in June. Investors’ hopes were dashed, however — the stock was not chosen for…
